The authors are economists associated with the Economic and Social Research Institute, a Dublin-based outfit that says it “contributes to understanding economic and social change in the new international context and that informs public policy making and civil society.”

After analysing per capita consumption in the current economic crisis in five European countries, the economists conclude:

“We find that consumption growth is lower during financial crises, particularly during banking crises, and that a drop in income reduces consumption in the short run.”

Apparently this is a surprise, because it contradicts mainstream economic theory.